{ "schemaVersion": 1, "asOf": "2026-09-07", "companies": [ { "slug": "lincotrade", "name": "Lincotrade & Associates Holdings", "ticker": "SGX:BFT", "cutoff": "2026-09-03" }, { "slug": "justco", "name": "JustCo Holdings Limited", "ticker": "SGX:JCO", "cutoff": "2026-08-29" }, { "slug": "okp-holdings", "name": "OKP Holdings", "ticker": "SGX:5CF", "cutoff": "2026-08-13" }, { "slug": "qm-dental", "name": "Q&M Dental Group", "ticker": "SGX:QC7", "cutoff": "2026-08-25" }, { "slug": "winking-studios", "name": "Winking Studios", "ticker": "SGX:WKS / AIM:WKS", "cutoff": "2026-08-28" } ], "sources": [ { "id": "src-lincotrade-headline", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "url": "https://smidresearch.com/companies/lincotrade/#research-brief", "excerpt": "FY2026 revenue rose 75.8% to S$129.5m and profit attributable to owners reached S$8.1m, but operating cash flow was negative S$2.3m as contract assets tripled to S$22.4m; other financial liabilities reached S$34.0m, of which 83.7% was current and S$26.2m was bills payable of 7 to 112 days.", "excerptSha256": "0591fea309d8b434ff22133237b03535f6960b8c40b0b2bee8ac4d33df30ff48", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-justco-headline", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "url": "https://smidresearch.com/companies/justco/#first-half-2026", "excerpt": "Revenue rose 24% year on year to US$80.780m. Cash EBITDA increased 147% to US$10.554m and the cash EBITDA margin was 13.1%, while reported loss was US$0.839m after IPO-related items and finance costs. Operating cash flow was US$45.010m and issuer-defined free cash flow was US$3.247m. JustCo defines that free-cash-flow measure as Cash EBITDA less tax paid and total capital expenditure; it is not the cash-flow-statement subtotal after lease principal and interest.", "excerptSha256": "a438ff23a941c1c16623be14c0f441c13f9d402753914e964348ea7335bcf4f9", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-okp-holdings-headline", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "url": "https://smidresearch.com/companies/okp-holdings/#research-brief", "excerpt": "In 1H2026 revenue was S$113.8m, net profit S$27.3m and gross margin 37.6%; at 30 June cash was S$186.95m against S$14.64m of borrowings and leases, while the post-award order book reached S$797.9m.", "excerptSha256": "9afa46ec96f096d6e96cf87df3ccb97efe9a3a4dc574ccb466d9c5237abea112", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-qm-dental-headline", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "url": "https://smidresearch.com/companies/qm-dental/#research-brief", "excerpt": "In 1H2026 revenue was S$99.5m and company-stated EBITDA was S$19.2m; at 30 June cash was S$119.2m against S$181.5m of borrowings and leases.", "excerptSha256": "a45dbc884fcd9aa5aa80f7828a88eb9ee6ff1decdb993540a9f13f56bafc34ca", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-winking-studios-headline", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "url": "https://smidresearch.com/companies/winking-studios/#research-brief", "excerpt": "In 1H2026 revenue rose 21.1% to US$23.47m, but adjusted EBITDA was US$1.24m, net loss was US$2.50m and operating cash flow was negative US$5.34m; cash of US$23.2m still exceeded borrowings of about US$4m.", "excerptSha256": "ec15e283c6577b6e58d0ada51e2d0063be76df9578ad1680dd9e4ec1bfa71878", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-lincotrade-collection-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "url": "https://smidresearch.com/companies/lincotrade/#cash-conversion", "excerpt": "None of this says the profit is wrong. Under the input method, profit is recognised as cost is incurred against an estimate of total contract cost; if the estimates are right and the customers pay, the cash arrives later and the two series converge. The FY2025 contract-asset note shows exactly that mechanism working in a normal year: the balance opened at S$2.4m, took up S$73.6m of revenue and transferred S$68.6m out to receivables as work was certified, closing at S$7.4m. The FY2026 question the filings cannot answer is how much of the S$22.4m of contract assets and S$23.5m of receivables at 30 June 2026 had been certified and collected by the end of September, and what bills payable stood at on that date.", "excerptSha256": "763933cc07933f6c78268e6417d7016366872e624cd019e619d0bc4cf11c31da", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-lincotrade-collection-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "url": "https://smidresearch.com/companies/lincotrade/#open-evidence-gaps", "excerpt": "How much of the S$22.4m of contract assets and S$23.5m of current receivables at 30 June 2026 had been certified and collected after the year end, and what bills payable stood at on the same date.", "excerptSha256": "4aae4b9bd3bc5d239a78ccf7c9bf4eef81b43416ccdf506d6991c70d9fc110b0", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-lincotrade-facility-cycle-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "url": "https://smidresearch.com/companies/lincotrade/#debt-and-funding", "excerpt": "The shape matters more than the level. This is not a leveraged balance sheet by the coverage ratios — interest cover on the total-interest basis improved from 4.9 times to 12.6 times, and gross debt to EBITDA fell from 4.25 times to 2.82 times as earnings grew faster than the debt. It is a balance sheet with a duration problem. S$26.2m of the S$34.0m is bills payable with tenors of 7 to 112 days, floating rate; the FY2025 annual report puts the rate range on those bills at 3.37% to 5.30%. Cash covers 0.62 times the current financial liabilities, down from 0.86 times. The business is funded by a facility that has to be rolled every few weeks against certified work, and the size of that facility is not public.", "excerptSha256": "5308fa5136fe28e71a4e80e80e75caa73bcd8165dd2cc2e4b576f82db9bb9595", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-lincotrade-facility-cycle-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "url": "https://smidresearch.com/companies/lincotrade/#debt-and-funding", "excerpt": "Facility limits, committed and undrawn capacity, current covenant definitions and headroom, the review dates on the bills lines, which directors give which guarantees, and the FY2026 maturity ladder are all absent from the public record. Unknown headroom is not zero headroom; it is unknown, and the FY2026 annual report is the document that would close it.", "excerptSha256": "1168b9c27f0adb9e0ab7692ebd0486fca68dfaa5cb8da58b2239b603645a4857", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-justco-cash-conversion-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "url": "https://smidresearch.com/companies/justco/#first-half-2026", "excerpt": "Revenue rose 24% year on year to US$80.780m. Cash EBITDA increased 147% to US$10.554m and the cash EBITDA margin was 13.1%, while reported loss was US$0.839m after IPO-related items and finance costs. Operating cash flow was US$45.010m and issuer-defined free cash flow was US$3.247m. JustCo defines that free-cash-flow measure as Cash EBITDA less tax paid and total capital expenditure; it is not the cash-flow-statement subtotal after lease principal and interest.", "excerptSha256": "a438ff23a941c1c16623be14c0f441c13f9d402753914e964348ea7335bcf4f9", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-justco-cash-conversion-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "url": "https://smidresearch.com/companies/justco/#lease-bridge", "excerpt": "JustCo's disclosed Cash EBITDA already deducts cash lease payments from EBITDA before lease-related expenses. The segment note begins with EBITDA before lease-related expenses, subtracts cash lease payments on lease liabilities and then adjusts for foreign exchange, share-based payments and one-off items. It therefore does not equal IFRS operating profit, and it should be read with the lease roll-forward and financing cash flow.", "excerptSha256": "e160db3d9f388f54a5d0afe99ba0852b8aa964210bb5a77ca99efde0a61003c5", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [ "https://links.sgx.com/FileOpen/1H2026%20Business%20Update.ashx?App=Announcement&FileID=898928" ], "retrievedAt": "2026-09-07" }, { "id": "src-justco-contract-model-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "url": "https://smidresearch.com/companies/justco/#centre-ramp", "excerpt": "The prospectus separates the development cycle into site sourcing, fit-out, occupancy ramp and stabilisation. Across the cited centre cohort, average centre-level Cash EBITDA breakeven occurred at about five months after launch, the reported 86% occupancy point at about ten months and payback at about sixteen months. Those are issuer cohort measures rather than guarantees for each opening.", "excerptSha256": "5a1a3e75eefca736965c1129cb8ef2abc1e0c1855dd66c765cc60596ca5c4e85", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-justco-contract-model-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "url": "https://smidresearch.com/companies/justco/#centre-ramp", "excerpt": "The 1H2026 segment note labels centres operating for more than twelve months as mature and those operating for twelve months or less as non-mature. South-east Asia produced US$7.089m of total Cash EBITDA and North Asia US$5.398m, while Australia produced a US$1.259m loss and India and Others a US$0.674m loss. India included three centres in ramp-up, with two already opened during the half and one not yet operating at June. Australia’s mature centres improved on higher workstation rates, partly offset by lower occupancy. This is why aggregate occupancy alone cannot explain the segment result.", "excerptSha256": "0cbe261ad98d0ae20ec0c154d9e1d3cb04667564bc9b047cbc93e4a89ce0899e", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-okp-holdings-margin-durability-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "url": "https://smidresearch.com/companies/okp-holdings/#the-margin-question", "excerpt": "Purchases of materials fell from S$27.9m to S$19.8m and subcontractor costs from S$51.2m to S$41.8m — S$17.6m less bought in — while employee compensation rose from S$48.1m to S$52.4m and depreciation of plant rose from S$5.1m to S$6.1m. That is the signature of work moving in house. The issuer says as much of the half year to June 2026: the fall in cost of sales was “primarily due to a lower reliance on subcontractors as more work was undertaken in-house by our Group”.", "excerptSha256": "34ae1ba5963ae17b60c956d322a6028f067806ed92fa2445e9fb5185619cd516", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-okp-holdings-margin-durability-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "url": "https://smidresearch.com/companies/okp-holdings/#the-margin-question", "excerpt": "Fourth, how revenue is recognised. The auditor’s key audit matter records that OKP recognises construction and maintenance revenue over time using the output method — “the percentage of the survey of work certified by the customers”. Under that method the margin reported in any period is the gap between what the customer has certified and what the contractor has spent in that period. It moves with where each project sits in its certification-versus-cost cycle. Whole-life contract margin is never disclosed.", "excerptSha256": "160ab6a729263c2cd4d3d89f8708baac4bcc269a0a2a012ed126b180f8fbb52d", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-okp-holdings-book-to-cash-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "url": "https://smidresearch.com/companies/okp-holdings/#does-the-cash-arrive", "excerpt": "Operating cash flow over FY2023 to FY2025 totalled S$177.0m against cumulative profit attributable to shareholders of S$122.6m over the same three years, a ratio of 144% (D). Cash rose from S$26.0m at the end of FY2022 to S$187.0m at 30 June 2026, an increase of S$161.0m , while S$27.0m of dividends were paid. Contract assets over the matching window rose from S$24.0m at the end of FY2022 to S$31.9m at 30 June 2026, having peaked at S$39.0m at FY2025. FY2025 operating cash flow before working-capital movements was S$62.3m against reported EBITDA of S$59.4m, a 4.8% difference itemised in the non-cash add-backs in the cash flow statement.", "excerptSha256": "a85e1585351b7c3ccb1c2a246f322661235d41f8c4d2c222ff0305a35316d9dd", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-okp-holdings-book-to-cash-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "url": "https://smidresearch.com/companies/okp-holdings/#does-the-cash-arrive", "excerpt": "Two limits on what this series shows. It covers profit already reported and says nothing about whether the margin level persists once the current book of work is delivered. And cash can also arrive as customer advances rather than as profit: contract liabilities, which are advances received for preliminary works, were S$18.0m at FY2024, S$10.1m at FY2025 and S$2.9m at 30 June 2026, so on this series advances were falling, not funding the cash build. Both figures are in the table above and in AR2025 note 6(b).", "excerptSha256": "7dd07a0ed28e60111dca1908ad95f26591706c22813fd5eefb69fa3b7620d29b", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-qm-dental-established-network-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "url": "https://smidresearch.com/companies/qm-dental/#the-core-business-on-the-only-clean-perimeter-the-company-di", "excerpt": "The Singapore figure does not survive netting, and both readings belong on the page. Revenue includes a profit guarantee income line (section 5) of S$81k in 1H2026 against S$1,303k in 1H2025 — a fall of S$1,222k , which is larger than the S$1,032k decline in the Singapore line. Removing it from both periods: (D on R)", "excerptSha256": "e823961e7519e8bb32de2df9bb3cbe1783ff7722a4793f2381ee843a020e70b1", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-qm-dental-established-network-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "url": "https://smidresearch.com/companies/qm-dental/#the-core-business-on-the-only-clean-perimeter-the-company-di", "excerpt": "The segment table is contaminated by the Aoxin consolidation from June 2025 — Aoxin enters both the revenue and the segment-result lines and no bridge is given. The geographic table is not contaminated in the same way, and is reproduced here as filed. (R — 1H2026 results, note 2E)", "excerptSha256": "ba3a90dab29e84cca1a3308ad8501749f2461ce4f84265917dcf6d896234cfe9", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-qm-dental-guarantee-cash-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "url": "https://smidresearch.com/companies/qm-dental/#where-the-cash-went", "excerpt": "The acquisitions line turned positive in FY2025, which is unusual enough to explain. Buying subsidiaries produced a net S$8.08m inflow . Aoxin Q & M came with S$12.27m of cash against S$8.65m of consideration, of which S$5.38m was settled out of the proceeds of the deemed disposal rather than in cash — a S$9.01m net inflow — and S$0.92m went out for Em2ai, Citizen Dental Surgery and Bedok Dental Surgery combined. The Aoxin shares themselves were not bought for cash: 87,973,480 of them came from Field Health Enterprises on 30 April 2025 in partial settlement of the profit-guarantee amount owed by Dr Shao Yongxin under the 2016 share security agreement, which took the company through the 50% threshold and triggered the mandatory offer.", "excerptSha256": "01959bb6ee8400017f590a553b2890b39a96533c64a41edbdfe3318d87725cab", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-qm-dental-guarantee-cash-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "url": "https://smidresearch.com/companies/qm-dental/#questions-the-filings-do-not-answer", "excerpt": "Cash actually received against profit guarantee income. The income recognised across FY2019–FY2025 and the receivable balance are both disclosed; the cumulative amount settled in cash is not.", "excerptSha256": "d6ccd43423bd1ba46e42793de6e7543799c956957f0e9dfeb90279eb027b5023", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-winking-studios-bookings-quality-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "url": "https://smidresearch.com/companies/winking-studios/#bookings-and-conversion", "excerpt": "Management reported US$51.6m of bookings over 24 months , including US$22.4m expected in 2H2026 subject to confirmation. The Board expected 2H revenue above 1H and a modest adjusted EBITDA loss for FY2026. The filings do not provide a complete bridge from bookings to non-cancellable, price-fixed contracted revenue, so this page keeps bookings separate from the audited financial statements.", "excerptSha256": "388c7b50e2db2b029baec9bb523244bc92b1685226d420982b9ceb6843c9a416", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-winking-studios-bookings-quality-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "url": "https://smidresearch.com/companies/winking-studios/#first-half-2026", "excerpt": "At 30 June 2026, cash was US$23.2m, short-term unsecured borrowings US$4.0m, receivables US$9.3m and contract assets US$9.1m. The combination of receivables and contract assets was about US$18.4m, making conversion from accepted work to invoices and cash a more useful next-period test than bookings alone.", "excerptSha256": "6849787970afcbc71e37906c048f966a8c761f2a019083dd4cdb15629f86451b", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-winking-studios-acceptance-cash-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "url": "https://smidresearch.com/companies/winking-studios/#business-and-customer-concentration", "excerpt": "FY2025 revenue was US$45.5m . Art outsourcing contributed US$37.5m, or about 82%; game development contributed US$7.9m, or about 17%; publishing was less than 1%. Two customers represented 29% of FY2025 revenue. The revenue-recognition audit work highlights customer acknowledgement of hours or milestones, which makes acceptance, invoicing and collection central to the operating cash cycle.", "excerptSha256": "e2f735447bdf0766221d354e4861b75416ad80e10c1a5830a7e6956e6548112d", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-winking-studios-acceptance-cash-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "url": "https://smidresearch.com/companies/winking-studios/#first-half-2026", "excerpt": "At 30 June 2026, cash was US$23.2m, short-term unsecured borrowings US$4.0m, receivables US$9.3m and contract assets US$9.1m. The combination of receivables and contract assets was about US$18.4m, making conversion from accepted work to invoices and cash a more useful next-period test than bookings alone.", "excerptSha256": "6849787970afcbc71e37906c048f966a8c761f2a019083dd4cdb15629f86451b", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-lincotrade-event-window", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "url": "https://smidresearch.com/companies/lincotrade/#next-public-tests", "excerpt": "The order-book update for 30 September 2026, historically released in mid-November. The first read on intake after the S$70.0m award, and the first chance to see whether the book is growing beyond that one contract.", "excerptSha256": "5a9a50a07efc72fb5a9b0b651023aae14854caeb5e8d308f1c4805c206186312", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [], "retrievedAt": "2026-09-07" }, { "id": "src-justco-cash-flow-bridges", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Source-checked arithmetic clarification under the owner-authorized site upgrade, using the existing 6 August 2026 issuer statements and business update; no new-period issuer scan.", "company": "justco", "url": "https://smidresearch.com/companies/justco/#cash-flow-bridges", "excerpt": "Two cash bridges, with different starting points For the six months ended 30 June 2026, in US$ million: Issuer-defined free cash flow: Cash EBITDA 10.554 less tax paid 0.531, property, plant and equipment purchases 6.705 and intangible purchases 0.071 equals 3.247 . Cash EBITDA already deducts cash lease payments; deducting lease principal or lease interest again would count them twice. Limited cash-flow-statement subtotal: operating cash flow 45.010 less property, plant and equipment purchases 6.705, intangible purchases 0.071, lease principal paid 32.135 and total interest paid 10.184 equals −4.085 . Operating cash flow is already after tax. The interest line includes lease interest and other interest; it is not lease interest alone. The limited subtotal is neither normalized free cash flow nor total cash movement. It excludes interest received, deferred acquisition consideration, deposit withdrawals, share proceeds, share issue and IPO listing expenses, and fit-out subsidy principal. Exchange movements also affect closing cash. It does not replace the issuer's free-cash-flow measure. Sources: JustCo 1H2026 financial statements, printed p.6 (PDF p.8), cash-flow statement ; Cash EBITDA reconciliation on printed p.12 (PDF p.14). The 1H2026 business update, pp.9–10 reports issuer free cash flow and defines it as Cash EBITDA less tax paid and total capital expenditure. These are calculations from the unaudited statement, not an independent assurance opinion.", "excerptSha256": "1755bb3a2aa94fec5c847462afe5b6e907ca2b7b10721a34ab065a51fd6665be", "sourcePublishedAt": null, "sourceType": "published-research", "primaryUrls": [ "https://www.justcoglobal.com/wp-content/uploads/2026/08/20260806_180055_JCO_6GH4U09E88NDJ4OF.1.pdf", "https://links.sgx.com/FileOpen/1H2026%20Business%20Update.ashx?App=Announcement&FileID=898928" ], "primaryDocumentSha256": "c94a1ae271fdf32079a3fc7c18853884f32f9987f4dd856b2caad25f95b8013e", "primaryLocators": [ { "url": "https://www.justcoglobal.com/wp-content/uploads/2026/08/20260806_180055_JCO_6GH4U09E88NDJ4OF.1.pdf", "pdfPage": 8, "printedPage": 6, "section": "D. Condensed Interim Consolidated Statement of Cash Flows; six months ended 30 June 2026; US$000" }, { "url": "https://www.justcoglobal.com/wp-content/uploads/2026/08/20260806_180055_JCO_6GH4U09E88NDJ4OF.1.pdf", "pdfPage": 14, "printedPage": 12, "section": "Note 5.1 Reportable segment: Cash EBITDA reconciliation" }, { "url": "https://links.sgx.com/FileOpen/1H2026%20Business%20Update.ashx?App=Announcement&FileID=898928", "printedPages": [ 9, 10 ], "section": "Free cash flow and glossary" } ], "retrievedAt": "2026-09-07" } ], "definitions": [ { "id": "def-lincotrade-revenue", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Revenue for Lincotrade & Associates Holdings, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "flow", "includedCashItems": [], "cashItems": [] }, { "id": "def-lincotrade-profit-owners", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Profit attributable to owners for Lincotrade & Associates Holdings, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "flow", "includedCashItems": [], "cashItems": [] }, { "id": "def-lincotrade-operating-cash", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Operating cash flow for Lincotrade & Associates Holdings, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "flow", "includedCashItems": [], "cashItems": [] }, { "id": "def-lincotrade-contract-assets", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Contract assets for Lincotrade & Associates Holdings, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "stock", "includedCashItems": [], "cashItems": [] }, { "id": "def-justco-revenue", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Revenue for JustCo Holdings Limited, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "flow", "includedCashItems": [], "cashItems": [] }, { "id": "def-justco-cash-ebitda", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "JustCo issuer-defined EBITDA before lease-related expenses less cash lease payments on lease liabilities, adjusted for foreign exchange, share-based payments and one-off items.", "nature": "flow", "includedCashItems": [ "cash-lease-payments", "lease-principal", "lease-interest", "operating-rent" ], "cashItems": [] }, { "id": "def-justco-operating-cash", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "JustCo net cash generated from operating activities after working capital and tax paid, as presented in the consolidated cash-flow statement; lease principal and total interest paid appear separately in financing.", "nature": "flow", "includedCashItems": [ "tax-paid", "operating-rent" ], "cashItems": [] }, { "id": "def-justco-issuer-fcf", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "JustCo issuer-defined Cash EBITDA less tax paid and total capital expenditure; distinct from a cash-flow-statement subtotal.", "nature": "flow", "includedCashItems": [ "cash-lease-payments", "lease-principal", "lease-interest", "operating-rent", "tax-paid", "ppe-purchases", "intangible-purchases" ], "cashItems": [] }, { "id": "def-okp-holdings-revenue", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Revenue for OKP Holdings, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "flow", "includedCashItems": [], "cashItems": [] }, { "id": "def-okp-holdings-net-profit", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Net profit for OKP Holdings, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "flow", "includedCashItems": [], "cashItems": [] }, { "id": "def-okp-holdings-gross-margin", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Gross margin for OKP Holdings, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "ratio", "includedCashItems": [], "cashItems": [] }, { "id": "def-okp-holdings-cash", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Cash for OKP Holdings, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "stock", "includedCashItems": [], "cashItems": [] }, { "id": "def-qm-dental-revenue", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Revenue for Q&M Dental Group, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "flow", "includedCashItems": [], "cashItems": [] }, { "id": "def-qm-dental-issuer-ebitda", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Company-stated EBITDA for Q&M Dental Group, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "flow", "includedCashItems": [], "cashItems": [] }, { "id": "def-qm-dental-cash", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Cash for Q&M Dental Group, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "stock", "includedCashItems": [], "cashItems": [] }, { "id": "def-qm-dental-borrowings-leases", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Borrowings and leases for Q&M Dental Group, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "stock", "includedCashItems": [], "cashItems": [] }, { "id": "def-winking-studios-revenue", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Revenue for Winking Studios, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "flow", "includedCashItems": [], "cashItems": [] }, { "id": "def-winking-studios-adjusted-ebitda", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Issuer-adjusted EBITDA for Winking Studios, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "flow", "includedCashItems": [], "cashItems": [] }, { "id": "def-winking-studios-net-result", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Net loss for Winking Studios, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "flow", "includedCashItems": [], "cashItems": [] }, { "id": "def-winking-studios-operating-cash", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "meaning": "Operating cash flow for Winking Studios, using the measure and perimeter stated in the linked public research; no cross-company equivalence implied.", "nature": "flow", "includedCashItems": [], "cashItems": [] }, { "id": "def-justco-tax-paid", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Source-checked arithmetic clarification under the owner-authorized site upgrade, using the existing 6 August 2026 issuer statements and business update; no new-period issuer scan.", "meaning": "Tax paid as a positive cash outflow magnitude to subtract in the cash bridge. ", "nature": "flow", "includedCashItems": [], "cashItems": [ "tax-paid" ] }, { "id": "def-justco-ppe-purchases", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Source-checked arithmetic clarification under the owner-authorized site upgrade, using the existing 6 August 2026 issuer statements and business update; no new-period issuer scan.", "meaning": "Property, plant and equipment purchases as a positive cash outflow magnitude to subtract in the cash bridge. ", "nature": "flow", "includedCashItems": [], "cashItems": [ "ppe-purchases" ] }, { "id": "def-justco-intangible-purchases", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Source-checked arithmetic clarification under the owner-authorized site upgrade, using the existing 6 August 2026 issuer statements and business update; no new-period issuer scan.", "meaning": "Intangible purchases as a positive cash outflow magnitude to subtract in the cash bridge. ", "nature": "flow", "includedCashItems": [], "cashItems": [ "intangible-purchases" ] }, { "id": "def-justco-lease-principal", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Source-checked arithmetic clarification under the owner-authorized site upgrade, using the existing 6 August 2026 issuer statements and business update; no new-period issuer scan.", "meaning": "Lease principal paid as a positive cash outflow magnitude to subtract in the cash bridge. ", "nature": "flow", "includedCashItems": [], "cashItems": [ "lease-principal" ] }, { "id": "def-justco-total-interest", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Source-checked arithmetic clarification under the owner-authorized site upgrade, using the existing 6 August 2026 issuer statements and business update; no new-period issuer scan.", "meaning": "Total interest paid, including lease interest as a positive cash outflow magnitude to subtract in the cash bridge. This is total interest, not lease interest alone.", "nature": "flow", "includedCashItems": [], "cashItems": [ "lease-interest", "other-interest" ] }, { "id": "def-justco-statement-subtotal", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Source-checked arithmetic clarification under the owner-authorized site upgrade, using the existing 6 August 2026 issuer statements and business update; no new-period issuer scan.", "meaning": "Limited statement subtotal: operating cash flow less PPE and intangible purchases, lease principal paid and total interest paid. Excludes other investing/financing flows; neither normalized FCF nor total cash movement.", "nature": "flow", "includedCashItems": [ "tax-paid", "operating-rent", "ppe-purchases", "intangible-purchases", "lease-principal", "lease-interest", "other-interest" ], "cashItems": [] } ], "observations": [ { "id": "obs-lincotrade-revenue", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "label": "Revenue", "value": "129.5", "displayValue": "S$129.5m", "definitionId": "def-lincotrade-revenue", "sourceId": "src-lincotrade-headline", "period": "FY2026", "currency": "SGD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "lincotrade-FY2026", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-lincotrade-profit-owners", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "label": "Profit attributable to owners", "value": "8.1", "displayValue": "S$8.1m", "definitionId": "def-lincotrade-profit-owners", "sourceId": "src-lincotrade-headline", "period": "FY2026", "currency": "SGD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "lincotrade-FY2026", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-lincotrade-operating-cash", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "label": "Operating cash flow", "value": "-2.3", "displayValue": "negative S$2.3m", "definitionId": "def-lincotrade-operating-cash", "sourceId": "src-lincotrade-headline", "period": "FY2026", "currency": "SGD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "lincotrade-FY2026", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-lincotrade-contract-assets", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "label": "Contract assets", "value": "22.4", "displayValue": "S$22.4m", "definitionId": "def-lincotrade-contract-assets", "sourceId": "src-lincotrade-headline", "period": "2026-06-30", "currency": "SGD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "lincotrade-2026-06-30", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-justco-revenue", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "label": "Revenue", "value": "80.780", "displayValue": "US$80.780m", "definitionId": "def-justco-revenue", "sourceId": "src-justco-headline", "period": "1H2026", "currency": "USD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "justco-1H2026", "assurance": "As stated in linked public research; not independently assured", "headline": true }, { "id": "obs-justco-cash-ebitda", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "label": "Issuer-defined Cash EBITDA", "value": "10.554", "displayValue": "US$10.554m", "definitionId": "def-justco-cash-ebitda", "sourceId": "src-justco-headline", "period": "1H2026", "currency": "USD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "justco-1H2026", "assurance": "As stated in linked public research; not independently assured", "headline": true }, { "id": "obs-justco-operating-cash", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "label": "Operating cash flow", "value": "45.010", "displayValue": "US$45.010m", "definitionId": "def-justco-operating-cash", "sourceId": "src-justco-headline", "period": "1H2026", "currency": "USD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "justco-1H2026", "assurance": "As stated in linked public research; not independently assured", "headline": true }, { "id": "obs-justco-issuer-fcf", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "label": "Issuer-defined free cash flow", "value": "3.247", "displayValue": "US$3.247m", "definitionId": "def-justco-issuer-fcf", "sourceId": "src-justco-cash-flow-bridges", "period": "1H2026", "currency": "USD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "justco-1H2026", "assurance": "As stated in linked public research; not independently assured", "formula": { "operation": "subtract", "inputs": [ "obs-justco-cash-ebitda", "obs-justco-tax-paid", "obs-justco-ppe-purchases", "obs-justco-intangible-purchases" ] }, "headline": true }, { "id": "obs-okp-holdings-revenue", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "label": "Revenue", "value": "113.8", "displayValue": "S$113.8m", "definitionId": "def-okp-holdings-revenue", "sourceId": "src-okp-holdings-headline", "period": "1H2026", "currency": "SGD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "okp-holdings-1H2026", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-okp-holdings-net-profit", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "label": "Net profit", "value": "27.3", "displayValue": "S$27.3m", "definitionId": "def-okp-holdings-net-profit", "sourceId": "src-okp-holdings-headline", "period": "1H2026", "currency": "SGD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "okp-holdings-1H2026", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-okp-holdings-gross-margin", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "label": "Gross margin", "value": "37.6", "displayValue": "37.6%", "definitionId": "def-okp-holdings-gross-margin", "sourceId": "src-okp-holdings-headline", "period": "1H2026", "currency": "not-applicable", "scale": "one", "unit": "percent", "scope": "group", "basis": "as-filed", "perimeter": "okp-holdings-1H2026", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-okp-holdings-cash", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "label": "Cash", "value": "186.95", "displayValue": "S$186.95m", "definitionId": "def-okp-holdings-cash", "sourceId": "src-okp-holdings-headline", "period": "2026-06-30", "currency": "SGD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "okp-holdings-2026-06-30", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-qm-dental-revenue", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "label": "Revenue", "value": "99.5", "displayValue": "S$99.5m", "definitionId": "def-qm-dental-revenue", "sourceId": "src-qm-dental-headline", "period": "1H2026", "currency": "SGD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "qm-dental-1H2026", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-qm-dental-issuer-ebitda", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "label": "Company-stated EBITDA", "value": "19.2", "displayValue": "S$19.2m", "definitionId": "def-qm-dental-issuer-ebitda", "sourceId": "src-qm-dental-headline", "period": "1H2026", "currency": "SGD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "qm-dental-1H2026", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-qm-dental-cash", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "label": "Cash", "value": "119.2", "displayValue": "S$119.2m", "definitionId": "def-qm-dental-cash", "sourceId": "src-qm-dental-headline", "period": "2026-06-30", "currency": "SGD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "qm-dental-2026-06-30", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-qm-dental-borrowings-leases", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "label": "Borrowings and leases", "value": "181.5", "displayValue": "S$181.5m", "definitionId": "def-qm-dental-borrowings-leases", "sourceId": "src-qm-dental-headline", "period": "2026-06-30", "currency": "SGD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "qm-dental-2026-06-30", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-winking-studios-revenue", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "label": "Revenue", "value": "23.47", "displayValue": "US$23.47m", "definitionId": "def-winking-studios-revenue", "sourceId": "src-winking-studios-headline", "period": "1H2026", "currency": "USD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "winking-studios-1H2026", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-winking-studios-adjusted-ebitda", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "label": "Issuer-adjusted EBITDA", "value": "1.24", "displayValue": "US$1.24m", "definitionId": "def-winking-studios-adjusted-ebitda", "sourceId": "src-winking-studios-headline", "period": "1H2026", "currency": "USD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "winking-studios-1H2026", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-winking-studios-net-result", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "label": "Net loss", "value": "-2.50", "displayValue": "net loss US$2.50m", "definitionId": "def-winking-studios-net-result", "sourceId": "src-winking-studios-headline", "period": "1H2026", "currency": "USD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "winking-studios-1H2026", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-winking-studios-operating-cash", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "label": "Operating cash flow", "value": "-5.34", "displayValue": "negative US$5.34m", "definitionId": "def-winking-studios-operating-cash", "sourceId": "src-winking-studios-headline", "period": "1H2026", "currency": "USD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "winking-studios-1H2026", "assurance": "As stated in linked public research; not independently assured" }, { "id": "obs-justco-tax-paid", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Source-checked arithmetic clarification under the owner-authorized site upgrade, using the existing 6 August 2026 issuer statements and business update; no new-period issuer scan.", "company": "justco", "label": "Tax paid", "value": "0.531", "displayValue": "US$0.531m outflow", "definitionId": "def-justco-tax-paid", "sourceId": "src-justco-cash-flow-bridges", "period": "1H2026", "currency": "USD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "justco-1H2026", "assurance": "Source-checked against the unaudited issuer cash-flow statement; no independent assurance opinion.", "headline": false }, { "id": "obs-justco-ppe-purchases", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Source-checked arithmetic clarification under the owner-authorized site upgrade, using the existing 6 August 2026 issuer statements and business update; no new-period issuer scan.", "company": "justco", "label": "Property, plant and equipment purchases", "value": "6.705", "displayValue": "US$6.705m outflow", "definitionId": "def-justco-ppe-purchases", "sourceId": "src-justco-cash-flow-bridges", "period": "1H2026", "currency": "USD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "justco-1H2026", "assurance": "Source-checked against the unaudited issuer cash-flow statement; no independent assurance opinion.", "headline": false }, { "id": "obs-justco-intangible-purchases", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Source-checked arithmetic clarification under the owner-authorized site upgrade, using the existing 6 August 2026 issuer statements and business update; no new-period issuer scan.", "company": "justco", "label": "Intangible purchases", "value": "0.071", "displayValue": "US$0.071m outflow", "definitionId": "def-justco-intangible-purchases", "sourceId": "src-justco-cash-flow-bridges", "period": "1H2026", "currency": "USD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "justco-1H2026", "assurance": "Source-checked against the unaudited issuer cash-flow statement; no independent assurance opinion.", "headline": false }, { "id": "obs-justco-lease-principal", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Source-checked arithmetic clarification under the owner-authorized site upgrade, using the existing 6 August 2026 issuer statements and business update; no new-period issuer scan.", "company": "justco", "label": "Lease principal paid", "value": "32.135", "displayValue": "US$32.135m outflow", "definitionId": "def-justco-lease-principal", "sourceId": "src-justco-cash-flow-bridges", "period": "1H2026", "currency": "USD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "justco-1H2026", "assurance": "Source-checked against the unaudited issuer cash-flow statement; no independent assurance opinion.", "headline": false }, { "id": "obs-justco-total-interest", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Source-checked arithmetic clarification under the owner-authorized site upgrade, using the existing 6 August 2026 issuer statements and business update; no new-period issuer scan.", "company": "justco", "label": "Total interest paid, including lease interest", "value": "10.184", "displayValue": "US$10.184m outflow", "definitionId": "def-justco-total-interest", "sourceId": "src-justco-cash-flow-bridges", "period": "1H2026", "currency": "USD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "justco-1H2026", "assurance": "Source-checked against the unaudited issuer cash-flow statement; no independent assurance opinion.", "headline": false }, { "id": "obs-justco-statement-subtotal", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Source-checked arithmetic clarification under the owner-authorized site upgrade, using the existing 6 August 2026 issuer statements and business update; no new-period issuer scan.", "company": "justco", "label": "Limited cash-flow-statement subtotal", "value": "-4.085", "displayValue": "−US$4.085m", "definitionId": "def-justco-statement-subtotal", "sourceId": "src-justco-cash-flow-bridges", "period": "1H2026", "currency": "USD", "scale": "million", "unit": "currency", "scope": "group", "basis": "as-filed", "perimeter": "justco-1H2026", "assurance": "Arithmetic from source-checked unaudited issuer inputs; no independent assurance opinion.", "headline": false, "formula": { "operation": "subtract", "inputs": [ "obs-justco-operating-cash", "obs-justco-ppe-purchases", "obs-justco-intangible-purchases", "obs-justco-lease-principal", "obs-justco-total-interest" ] } } ], "claims": [ { "id": "claim-lincotrade-collection-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "text": "The published history shows certification transferring contract assets to receivables, so collection can lag recognised profit.", "grade": "O", "sourceIds": [ "src-lincotrade-collection-support" ] }, { "id": "claim-lincotrade-collection-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "text": "The public record does not establish subsequent cash collection or the corresponding bills-payable balance.", "grade": "O", "sourceIds": [ "src-lincotrade-collection-challenge" ] }, { "id": "claim-lincotrade-facility-cycle-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "text": "The disclosed bills-payable tenors make rollover timing relevant to project funding.", "grade": "O", "sourceIds": [ "src-lincotrade-facility-cycle-support" ] }, { "id": "claim-lincotrade-facility-cycle-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "text": "The public record leaves facility commitment, review dates and current covenant headroom unknown.", "grade": "O", "sourceIds": [ "src-lincotrade-facility-cycle-challenge" ] }, { "id": "claim-justco-cash-conversion-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "text": "The page reports positive issuer-defined FCF alongside Cash EBITDA.", "grade": "O", "sourceIds": [ "src-justco-cash-conversion-support" ] }, { "id": "claim-justco-cash-conversion-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "text": "Cash lease payments are already deducted within Cash EBITDA and cannot be deducted again.", "grade": "O", "sourceIds": [ "src-justco-cash-conversion-challenge" ] }, { "id": "claim-justco-contract-model-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "text": "The issuer describes a staged ramp from fit-out through occupancy to payback.", "grade": "O", "sourceIds": [ "src-justco-contract-model-support" ] }, { "id": "claim-justco-contract-model-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "text": "Segment results and maturity composition differ, so aggregate occupancy does not explain the group result.", "grade": "O", "sourceIds": [ "src-justco-contract-model-challenge" ] }, { "id": "claim-okp-holdings-margin-durability-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "text": "The published expenses-by-nature evidence shows less bought-in work during the margin step.", "grade": "O", "sourceIds": [ "src-okp-holdings-margin-durability-support" ] }, { "id": "claim-okp-holdings-margin-durability-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "text": "Certified progress and project cost timing affect period margins; whole-life contract margin is not disclosed.", "grade": "O", "sourceIds": [ "src-okp-holdings-margin-durability-challenge" ] }, { "id": "claim-okp-holdings-book-to-cash-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "text": "The historical cash series shows substantial cash receipts alongside reported profit.", "grade": "O", "sourceIds": [ "src-okp-holdings-book-to-cash-support" ] }, { "id": "claim-okp-holdings-book-to-cash-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "text": "Past cash conversion does not establish future margin durability and cash can include customer advances.", "grade": "O", "sourceIds": [ "src-okp-holdings-book-to-cash-challenge" ] }, { "id": "claim-qm-dental-established-network-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "text": "Removing profit-guarantee income changes the reading of Singapore revenue.", "grade": "O", "sourceIds": [ "src-qm-dental-established-network-support" ] }, { "id": "claim-qm-dental-established-network-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "text": "Aoxin enters both segment revenue and result without a bridge, so the segment margin movement is not an organic measure.", "grade": "O", "sourceIds": [ "src-qm-dental-established-network-challenge" ] }, { "id": "claim-qm-dental-guarantee-cash-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "text": "The acquisition cash-flow history includes acquired cash and noncash settlement, requiring a separate funding bridge.", "grade": "O", "sourceIds": [ "src-qm-dental-guarantee-cash-support" ] }, { "id": "claim-qm-dental-guarantee-cash-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "text": "Cumulative cash settlement against recognised guarantee income is not publicly disclosed.", "grade": "O", "sourceIds": [ "src-qm-dental-guarantee-cash-challenge" ] }, { "id": "claim-winking-studios-bookings-quality-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "text": "Management-reported bookings indicate workload visibility, subject to timing and confirmation.", "grade": "O", "sourceIds": [ "src-winking-studios-bookings-quality-support" ] }, { "id": "claim-winking-studios-bookings-quality-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "text": "Receivables and contract assets make conversion a more useful test than bookings alone.", "grade": "O", "sourceIds": [ "src-winking-studios-bookings-quality-challenge" ] }, { "id": "claim-winking-studios-acceptance-cash-support", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "text": "The revenue-recognition audit work identifies customer acknowledgement of hours or milestones.", "grade": "O", "sourceIds": [ "src-winking-studios-acceptance-cash-support" ] }, { "id": "claim-winking-studios-acceptance-cash-challenge", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "text": "The balance of receivables and contract assets leaves acceptance and collection as unresolved cash tests.", "grade": "O", "sourceIds": [ "src-winking-studios-acceptance-cash-challenge" ] } ], "questions": [ { "id": "lincotrade-collection", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "title": "Does certified work become collected cash after year-end?", "status": "open", "mechanism": "Revenue recognition precedes certification, invoicing and collection.", "idealDisclosure": "A dated certification-to-invoice-to-cash ladder with corresponding bills payable.", "bestPublicTest": "Read the annual report contract-asset and receivable notes, then the half-year cash flow and bills payable.", "resolutionCriteria": "A dated reconciliation identifies subsequent certification and cash collection separately, together with the funding balance on that date.", "limitation": "A transfer to receivables is not cash collection.", "supportingClaimIds": [ "claim-lincotrade-collection-support" ], "challengingClaimIds": [ "claim-lincotrade-collection-challenge" ], "nextEventIds": [ "lincotrade-fy2026-annual-report" ], "nextWindow": "Expected October 2026 annual report; no exact day confirmed", "evidence": [ { "url": "https://smidresearch.com/companies/lincotrade/#cash-conversion", "label": "Published evidence", "sourceId": "src-lincotrade-collection-support" }, { "url": "https://smidresearch.com/companies/lincotrade/#open-evidence-gaps", "label": "Published evidence", "sourceId": "src-lincotrade-collection-challenge" } ] }, { "id": "lincotrade-facility-cycle", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "title": "Do committed facilities match the project funding cycle?", "status": "open", "mechanism": "Project expenditure precedes collection while short-dated bills require rollover.", "idealDisclosure": "Committed and undrawn limits, facility review dates, maturity profile and covenant headroom.", "bestPublicTest": "Read the audited borrowing note and subsequent facility, security and covenant notices.", "resolutionCriteria": "Current committed availability and maturities can be matched to the disclosed project cash cycle without assuming renewal.", "limitation": "Unknown headroom is not zero; a resolved historical waiver is not a current breach.", "supportingClaimIds": [ "claim-lincotrade-facility-cycle-support" ], "challengingClaimIds": [ "claim-lincotrade-facility-cycle-challenge" ], "nextEventIds": [ "lincotrade-fy2026-annual-report" ], "nextWindow": "Expected October 2026 annual report; no exact day confirmed", "evidence": [ { "url": "https://smidresearch.com/companies/lincotrade/#debt-and-funding", "label": "Published evidence", "sourceId": "src-lincotrade-facility-cycle-support" }, { "url": "https://smidresearch.com/companies/lincotrade/#debt-and-funding", "label": "Published evidence", "sourceId": "src-lincotrade-facility-cycle-challenge" } ] }, { "id": "justco-cash-conversion", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "title": "What remains after tax and capex from Cash EBITDA?", "status": "open", "mechanism": "Issuer-defined Cash EBITDA already deducts cash lease payments; tax and capital expenditure determine the separate issuer FCF measure.", "idealDisclosure": "A consistent issuer Cash EBITDA-to-FCF reconciliation and a separate statement cash-flow bridge.", "bestPublicTest": "Read the next issuer metric reconciliation beside the cash-flow statement and lease roll-forward.", "resolutionCriteria": "The same-period definition and reconciliation identify each included cash item once and explain the residual difference between the two measures.", "limitation": "Issuer FCF is not normalized cash generation or total cash movement.", "supportingClaimIds": [ "claim-justco-cash-conversion-support" ], "challengingClaimIds": [ "claim-justco-cash-conversion-challenge" ], "nextEventIds": [], "nextWindow": "Next results; date unconfirmed", "evidence": [ { "url": "https://smidresearch.com/companies/justco/#first-half-2026", "label": "Published evidence", "sourceId": "src-justco-cash-conversion-support" }, { "url": "https://smidresearch.com/companies/justco/#lease-bridge", "label": "Published evidence", "sourceId": "src-justco-cash-conversion-challenge" } ] }, { "id": "justco-contract-model", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "title": "Does management-contract expansion preserve centre economics?", "status": "open", "mechanism": "Contract model and centre maturity affect upfront investment and the path to cash payback.", "idealDisclosure": "Comparable mature/new-centre results and payback cohorts separated by contract model.", "bestPublicTest": "Compare mature/non-mature segment results, occupancy, workstation revenue, contract mix and disclosed cohort payback at the next results.", "resolutionCriteria": "Comparable cohort and contract-model evidence explains the earnings and cash trajectory without mixing centre ages or group overhead treatment.", "limitation": "Historical issuer cohorts do not guarantee each opening; aggregate occupancy cannot isolate the contract-model effect.", "supportingClaimIds": [ "claim-justco-contract-model-support" ], "challengingClaimIds": [ "claim-justco-contract-model-challenge" ], "nextEventIds": [], "nextWindow": "Next results; date unconfirmed", "evidence": [ { "url": "https://smidresearch.com/companies/justco/#centre-ramp", "label": "Published evidence", "sourceId": "src-justco-contract-model-support" }, { "url": "https://smidresearch.com/companies/justco/#centre-ramp", "label": "Published evidence", "sourceId": "src-justco-contract-model-challenge" } ] }, { "id": "okp-holdings-margin-durability", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "title": "How much reported margin survives changes in contract phase?", "status": "open", "mechanism": "Self-performed work, tender pricing and certification versus cost timing can all change reported margin.", "idealDisclosure": "Whole-life project margins and a bridge for pricing, claims, variations and execution costs.", "bestPublicTest": "Compare construction and maintenance margins, cost-by-nature notes and explanations of in-house versus subcontracted work in the next results.", "resolutionCriteria": "Comparable disclosures quantify the contribution of execution changes and contract phase; absent that split the question stays open.", "limitation": "Segment tests do not establish project-level margins or forecast the next period.", "supportingClaimIds": [ "claim-okp-holdings-margin-durability-support" ], "challengingClaimIds": [ "claim-okp-holdings-margin-durability-challenge" ], "nextEventIds": [], "nextWindow": "Next results; date unconfirmed", "evidence": [ { "url": "https://smidresearch.com/companies/okp-holdings/#the-margin-question", "label": "Published evidence", "sourceId": "src-okp-holdings-margin-durability-support" }, { "url": "https://smidresearch.com/companies/okp-holdings/#the-margin-question", "label": "Published evidence", "sourceId": "src-okp-holdings-margin-durability-challenge" } ] }, { "id": "okp-holdings-book-to-cash", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "title": "Does the order book convert on schedule into certified cash?", "status": "open", "mechanism": "Backlog becomes revenue through execution and certification, while collection and advances drive cash.", "idealDisclosure": "Vintage-preserved delivery schedules reconciled to revenue, contract assets and collections.", "bestPublicTest": "Compare the prior disclosed recognition schedule with subsequent revenue, contract assets and operating cash flow.", "resolutionCriteria": "A consistent schedule-vintage reconciliation explains slippage or rephasing and identifies collection separately from advances.", "limitation": "A lengthening book can lower a simple conversion ratio without proving weaker execution.", "supportingClaimIds": [ "claim-okp-holdings-book-to-cash-support" ], "challengingClaimIds": [ "claim-okp-holdings-book-to-cash-challenge" ], "nextEventIds": [], "nextWindow": "Next results; date unconfirmed", "evidence": [ { "url": "https://smidresearch.com/companies/okp-holdings/#does-the-cash-arrive", "label": "Published evidence", "sourceId": "src-okp-holdings-book-to-cash-support" }, { "url": "https://smidresearch.com/companies/okp-holdings/#does-the-cash-arrive", "label": "Published evidence", "sourceId": "src-okp-holdings-book-to-cash-challenge" } ] }, { "id": "qm-dental-established-network", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "title": "What does the established clinic network earn after consolidation effects?", "status": "open", "mechanism": "Aoxin consolidation and profit-guarantee income affect group and geographic comparisons.", "idealDisclosure": "An Aoxin-separated revenue/profit bridge and dated patient volume and fee measures.", "bestPublicTest": "Read the geographic and segment results, profit-guarantee revenue note and any issuer perimeter reconciliation.", "resolutionCriteria": "Comparable established-network revenue and profit can be separated from consolidation and guarantee income with a stated basis.", "limitation": "Mixed group revenue divided by clinic count does not measure clinic productivity.", "supportingClaimIds": [ "claim-qm-dental-established-network-support" ], "challengingClaimIds": [ "claim-qm-dental-established-network-challenge" ], "nextEventIds": [], "nextWindow": "Next results; date unconfirmed", "evidence": [ { "url": "https://smidresearch.com/companies/qm-dental/#the-core-business-on-the-only-clean-perimeter-the-company-di", "label": "Published evidence", "sourceId": "src-qm-dental-established-network-support" }, { "url": "https://smidresearch.com/companies/qm-dental/#the-core-business-on-the-only-clean-perimeter-the-company-di", "label": "Published evidence", "sourceId": "src-qm-dental-established-network-challenge" } ] }, { "id": "qm-dental-guarantee-cash", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "title": "Does recognised guarantee income become cash available for acquisitions?", "status": "open", "mechanism": "Guarantee income, receivables, enforcement proceeds and acquisition-paying entity liquidity are different stages.", "idealDisclosure": "Guarantee receivable/allowance and cash-settlement roll-forwards, with parent committed facilities.", "bestPublicTest": "Read the receivable and acquisition notes, enforcement notices and disclosed parent facility terms.", "resolutionCriteria": "Cash settlements and the remaining enforceable receivable are reconciled, and cash availability at the paying entity is evidenced.", "limitation": "Shares received through enforcement are not necessarily cash; group cash is not automatically available at the parent.", "supportingClaimIds": [ "claim-qm-dental-guarantee-cash-support" ], "challengingClaimIds": [ "claim-qm-dental-guarantee-cash-challenge" ], "nextEventIds": [], "nextWindow": "Next results; date unconfirmed", "evidence": [ { "url": "https://smidresearch.com/companies/qm-dental/#where-the-cash-went", "label": "Published evidence", "sourceId": "src-qm-dental-guarantee-cash-support" }, { "url": "https://smidresearch.com/companies/qm-dental/#questions-the-filings-do-not-answer", "label": "Published evidence", "sourceId": "src-qm-dental-guarantee-cash-challenge" } ] }, { "id": "winking-studios-bookings-quality", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "title": "How firm and economically useful are bookings?", "status": "open", "mechanism": "Bookings become revenue only through confirmed work and delivery, while contract terms and service mix affect economics.", "idealDisclosure": "Non-cancellable, price-fixed bookings by timing and comparable margins for art and co-development.", "bestPublicTest": "Read booking confirmation and cancellation disclosures, service mix and statutory/adjusted margin reconciliations at the next results.", "resolutionCriteria": "The disclosed booking perimeter, cancellation rights, timing and delivery economics can be reconciled to subsequent recognised work.", "limitation": "Bookings are workload visibility, not recognised revenue or guaranteed cash.", "supportingClaimIds": [ "claim-winking-studios-bookings-quality-support" ], "challengingClaimIds": [ "claim-winking-studios-bookings-quality-challenge" ], "nextEventIds": [], "nextWindow": "Next results; date unconfirmed", "evidence": [ { "url": "https://smidresearch.com/companies/winking-studios/#bookings-and-conversion", "label": "Published evidence", "sourceId": "src-winking-studios-bookings-quality-support" }, { "url": "https://smidresearch.com/companies/winking-studios/#first-half-2026", "label": "Published evidence", "sourceId": "src-winking-studios-bookings-quality-challenge" } ] }, { "id": "winking-studios-acceptance-cash", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "title": "Does June work progress through acceptance, invoicing and cash?", "status": "open", "mechanism": "Customer acknowledgement and billing milestones separate recognised work from cash available to fund staff and studios.", "idealDisclosure": "A dated acceptance-to-invoice-to-cash roll-forward of June work.", "bestPublicTest": "Read subsequent contract assets, receivables, collection disclosure and operating cash flow.", "resolutionCriteria": "A dated roll-forward distinguishes June collections from new work, reclassifications and write-offs.", "limitation": "Aggregate balance changes alone cannot isolate collections.", "supportingClaimIds": [ "claim-winking-studios-acceptance-cash-support" ], "challengingClaimIds": [ "claim-winking-studios-acceptance-cash-challenge" ], "nextEventIds": [], "nextWindow": "Next results; date unconfirmed", "evidence": [ { "url": "https://smidresearch.com/companies/winking-studios/#business-and-customer-concentration", "label": "Published evidence", "sourceId": "src-winking-studios-acceptance-cash-support" }, { "url": "https://smidresearch.com/companies/winking-studios/#first-half-2026", "label": "Published evidence", "sourceId": "src-winking-studios-acceptance-cash-challenge" } ] } ], "revisions": [ { "id": "revision-lincotrade-baseline", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "kind": "baseline", "material": false, "before": null, "after": "Existing public research organised into linked questions and observations. This baseline is not new issuer news.", "questionIds": [ "lincotrade-collection", "lincotrade-facility-cycle" ], "sourceIds": [ "src-lincotrade-headline", "src-lincotrade-collection-support", "src-lincotrade-collection-challenge", "src-lincotrade-facility-cycle-support", "src-lincotrade-facility-cycle-challenge" ], "reason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "limitation": "No earlier as-known snapshot or new issuer scan is represented; unknown source publication dates remain unknown." }, { "id": "revision-justco-baseline", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "kind": "baseline", "material": false, "before": null, "after": "Existing public research organised into linked questions and observations. This baseline is not new issuer news.", "questionIds": [ "justco-cash-conversion", "justco-contract-model" ], "sourceIds": [ "src-justco-headline", "src-justco-cash-conversion-support", "src-justco-cash-conversion-challenge", "src-justco-contract-model-support", "src-justco-contract-model-challenge" ], "reason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "limitation": "No earlier as-known snapshot or new issuer scan is represented; unknown source publication dates remain unknown." }, { "id": "revision-okp-holdings-baseline", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "okp-holdings", "kind": "baseline", "material": false, "before": null, "after": "Existing public research organised into linked questions and observations. This baseline is not new issuer news.", "questionIds": [ "okp-holdings-margin-durability", "okp-holdings-book-to-cash" ], "sourceIds": [ "src-okp-holdings-headline", "src-okp-holdings-margin-durability-support", "src-okp-holdings-margin-durability-challenge", "src-okp-holdings-book-to-cash-support", "src-okp-holdings-book-to-cash-challenge" ], "reason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "limitation": "No earlier as-known snapshot or new issuer scan is represented; unknown source publication dates remain unknown." }, { "id": "revision-qm-dental-baseline", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "qm-dental", "kind": "baseline", "material": false, "before": null, "after": "Existing public research organised into linked questions and observations. This baseline is not new issuer news.", "questionIds": [ "qm-dental-established-network", "qm-dental-guarantee-cash" ], "sourceIds": [ "src-qm-dental-headline", "src-qm-dental-established-network-support", "src-qm-dental-established-network-challenge", "src-qm-dental-guarantee-cash-support", "src-qm-dental-guarantee-cash-challenge" ], "reason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "limitation": "No earlier as-known snapshot or new issuer scan is represented; unknown source publication dates remain unknown." }, { "id": "revision-winking-studios-baseline", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "winking-studios", "kind": "baseline", "material": false, "before": null, "after": "Existing public research organised into linked questions and observations. This baseline is not new issuer news.", "questionIds": [ "winking-studios-bookings-quality", "winking-studios-acceptance-cash" ], "sourceIds": [ "src-winking-studios-headline", "src-winking-studios-bookings-quality-support", "src-winking-studios-bookings-quality-challenge", "src-winking-studios-acceptance-cash-support", "src-winking-studios-acceptance-cash-challenge" ], "reason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "limitation": "No earlier as-known snapshot or new issuer scan is represented; unknown source publication dates remain unknown." }, { "id": "revision-justco-lease-definition", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "justco", "kind": "correction", "material": true, "before": "How much of cash EBITDA converts to free cash after lease principal, fit-out and growth capex?", "after": "How does cash EBITDA, which already deducts cash lease payments, convert to issuer-defined free cash flow after tax and capital expenditure? The source-checked issuer FCF bridge gives US$3.247m; the separate limited cash-flow-statement subtotal gives −US$4.085m and excludes other investing and financing flows.", "questionIds": [ "justco-cash-conversion", "justco-contract-model" ], "sourceIds": [ "src-justco-cash-conversion-challenge", "src-justco-cash-flow-bridges" ], "reason": "Correct repeated wording that implied subtracting cash lease payments twice from the issuer-defined measure.", "limitation": "Adds source-checked arithmetic bridges from the existing unaudited 1H2026 issuer statements. The limited subtotal is neither normalized FCF nor total cash movement; no new-period issuer scan or investment conclusion." }, { "id": "revision-lincotrade-fy2025-period", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "kind": "clarification", "material": true, "before": "and in a normal year the contract-asset note transferred S$68.6m out to receivables as work was certified.", "after": "and the FY2025 contract-asset note transferred S$68.6m out to receivables as work was certified.", "questionIds": [ "lincotrade-collection", "lincotrade-facility-cycle" ], "sourceIds": [ "src-lincotrade-collection-support" ], "reason": "Restore the FY2025 period to the existing certification-transfer example; no reported amount changed.", "limitation": "Editorial correction of previously published research; no new issuer financial figures or new issuer scan." }, { "id": "revision-lincotrade-event-chronology", "visibility": "public", "reviewState": "approved", "reviewedAt": "2026-09-07", "reviewReason": "Migration of previously published public evidence under owner-authorized site upgrade; no new issuer scan.", "company": "lincotrade", "kind": "clarification", "material": true, "before": "The next test is the audited FY2026 annual report expected in October 2026, followed by the September 2026 order-book update and the half-year results to 31 December 2026.", "after": "The next test is the audited FY2026 annual report expected in October 2026, then the order-book update for 30 September, historically released in mid-November, and results for the half year ending 31 December 2026.", "questionIds": [ "lincotrade-collection", "lincotrade-facility-cycle" ], "sourceIds": [ "src-lincotrade-event-window" ], "reason": "Separate the September order-book reference date from its historically later publication window; no exact event day is asserted.", "limitation": "Editorial correction of previously published research; no new issuer financial figures or new issuer scan." } ], "events": [ { "id": "lincotrade-fy2026-annual-report", "slug": "lincotrade", "sort": "2026-10-01", "date": "October 2026", "approx": true, "precision": "month", "windowStart": "2026-10-01", "windowEnd": "2026-10-31", "timingBasis": "FY2026 annual report, expected October 2026", "source": "Company page: next public tests", "event": "FY2026 annual report", "shows": "Audited confirmation of FY2026 results, borrowing terms and maturity profile, customer concentration and contract-asset disclosures.", "anchor": "next-public-tests", "kind": "results", "state": "window" } ], "snapshotId": "smid-desk-08179cdc352783e2b654ea5d3dee2e4785eabe69a5333921aa3b1caf5e492cc8" }